August 2007 Market Report: August Home Sales See 10 Percent Decline

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The latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS® shows that home sales fell slightly in August. This represents the first decline in sales for the month since 2002.

Single family home sales decreased 10 percent from one year ago to 2,501. The total dollar volume from these sales slipped four percent from August 2006 to $647,643,954. The median price for single-family homes rose six percent from one year ago to $192,200, while the average number of days a single-family home sat on the market fell three percent from August 2006 to 58 days.

Pending sales dropped to 2,196, down 24 percent from one year ago, while new listings rose 16 percent from last August to 3,806 units. The number of active listings also increased, up 21 percent from August 2006 to 9,819 units.

"As we expected, Austin home sales are experiencing a slowdown compared to the record numbers we saw in 2006," says ABoR Chairman Charles Porter. "Thanks to Austin's continuing job growth and population increases, we believe the local housing sector will remain stable."

August 2007 Single Family Homes

  • 2,501 was the number of homes sold, down 10 percent from one year ago
  • $192,200 was the median price for single-family homes, up six percent from August 2006
  • $647,643,954 was the total dollar volume from single-family home sales, down four percent from one year ago

 

 

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